Fraser Forbes CEO Predicts Market Rebound in 2010 at AIDC Seminar
11/3/2008
McLean, VA, November 3, 2008–Fraser Forbes Company, a leading land sales, income sales and real estate advisory services firm in the Washington, DC metropolitan area, is proud to announce that CEO Rich Samit was invited to speak at the Appraisal Institute of Washington, DC's (AIDC) Real Estate Market Update on October 28, 2008. The conversation, which included housing values, the election and the market bounce-back, was a platform for the overall message that by 2009 there will be increased confidence in land transactions that produce important buying opportunities, with market stabilization beginning in 2010. Clydes of Tysons Corner hosted the AIDC event, where top executives from many of the leading Washington, DC real estate advisory and services firms participated in the discussion.
Samit spoke to the current status of the land market in DC, remarking that supply is high and demand is low, which ultimately creates profitable buying opportunities. The current level of fear to act, the major problems with credit markets and decreased consumer spending has contributed to the current state of supply and demand for the land and commercial markets. Samit predicted that consumer home foreclosures are working their way through the systems, causing builders to price new homes based on the market. Traffic and sales are up, prices are down. With the $700 billion bail-out, businesses are receiving credit to operate, banks are starting to sell notes, to foreclose and sell REO. The bottom line prediction is that in 2009 the market will start to see land trading again and 2010 is when market stabilization begins.
Richard Samit, Founder and CEO of Fraser Forbes, has 20 years of commercial and residential land real state experience in the Washington, DC metropolitan area. His foresight and big picture thinking has been instrumental in Fraser Forbes continued growth. By leading the company into new market areas and solidifying new relationships with homebuilders and developers, he has sold over two billion dollars worth of land and commercial properties. Rich is an active member of the Young Presidents' Organization (YPO) US Capital Chapter and remains the company's most accomplished deal closer. Samit holds a Bachelor of Arts in Political Science from the University of Connecticut.
About Fraser Forbes
Founded in 1995, Fraser Forbes Company (http://fraserforbes.com) has completed close to $3 billion in land transactions for its clients consisting of over 30,000 residential lots and over 5 million square feet of commercial land. In 2005, Fraser Forbes land deals accounted for a significant portion of the 25 billion dollar land market that year. Whether representing clients buying and selling raw land for future development or brokering real estate deals slated for office, retail, hotel and industrial uses, Fraser Forbes empowers its clients to get the most out of their investments. Fraser Forbes is the premier land sales, income sales and advisory services firm in the DC area.
